Many popular online brokers now allow crypto trading, and if you purchased your Bitcoin on one of these platforms, you can quickly exchange your crypto for cash. Trading apps like Robinhood offer several cryptocurrencies to invest in, and you can buy or sell crypto just like on a crypto exchange. If you want to spend your balance easily, you’ll need to open an account with a firm that offers cryptocurrency debit cards and uses the kind of digital currency you own.
These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P. Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. When selling crypto for cash, always check the fees before executing the transaction. Most services will list the total fees separately, allowing you to see if it’s worth it or not to sell.
What is crypto banking?
Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. Crypto is a speculative asset that can be part of a larger, diversified investing strategy, but don’t panic sell just because the news says “Bitcoin is dead” for the 1,400th time. Instead, take a level-headed approach to your investment strategies, and make decisions based on your long-term goals — not short-term feelings. If you are looking to cash out your crypto holdings to make regular purchases, you may be able to do this directly from your digital wallet at a crypto-friendly business. Many retail businesses are now accepting Bitcoin (and select other crypto) to make purchases.
If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily. You will pay a fee within the app, but it’s usually pretty reasonable. The downside to P2P exchanges is the risk of losing your funds (Bitcoin sent, but no cash received), and the time it takes to sell, as you need to find a prospective buyer and negotiate the sale. Bitcoin ATMs are popping up everywhere, with tens of thousands of them located around the world.
Pay With BitPay at Ralph Lauren
Figure out which camp you live in and decide whether converting your crypto into cash is the right finance decision for you at this moment. If a broker holds your crypto coins, then the easiest route is simply to go with that broker. For example, if you’re a client of Robinhood or Webull, both of which allow extensive crypto trading, then it will be easiest for you to just execute a trade on their platform and be done with it.
It’s pivotal to understand how these regulations apply to your situation. Missteps can lead to complications, potential legal issues, or financial penalties. Engaging with tax professionals, especially those knowledgeable in cryptocurrency, can save you future headaches. If you opt for this, consider local crypto communities or platforms like LocalBitcoins. Always prioritize safety, meeting in public spaces, and ensuring transparent communication with potential buyers. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange.
The cryptocurrency industry is ripe with scammers, each refining new ways to lure in and deceive victims. These scams won’t be an issue for you if you’re aware of them and understand how to avoid them. Additionally, many of these providers offer various rewards and cash bank options for users who withdraw fiat money using their crypto, making it a highly affordable and interesting option.
Go with a peer-to-peer trade
LocalBitcoins was created in 2012 and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to. Once you have set up your account, you will need to send your Bitcoin to your Binance Bitcoin address! To do this, from your dashboard, click the “Deposit” button, select Bitcoin, and then the network which you’d like to receive your coins through (in most cases, it’ll be the standard BTC network).
Withdraw cash from an Ethereum ATM
Select the cryptocurrency and amount of crypto you’d like to sell. Purchasing with Bitcoin requires sending Bitcoin to the retailer’s digital wallet. This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount. If you are simply looking to access cash, the Coinbase card can be used at an ATM to withdraw up to $1,000 per day.
Bitcoin of America includes Ethereum in its network of more than 1,300 ATM locations spanning 31 states. It’s quick and easy to convert ETH to cash at an ATM location, but significant fees (which can range from 11-25%) make it the most expensive method of cashing out Ethereum. Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money. But there are new services on the horizon that could help people use bitcoin and other digital coins in more mainstream ways for their day-to-day finances.
Select a platform based on its security features, fees, liquidity, and user reviews. Centralized exchanges are user-friendly but can have higher fees, while decentralized ones offer more privacy but might lack liquidity. While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein.
Depending on your country’s regulations, you may need to provide a detailed log of your crypto activities. Reading through various best crypto exchange reviews online, how to generate bitcoins from your home computer you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
- Currently, only Bitcoin selling is supported through Ledger Live.
- Our writers and editors used an in-house natural language generation platform to assist with portions of this article, allowing them to focus on adding information that is uniquely helpful.
- And that’s how to cash out Bitcoin using a broker exchange — skip the next section to follow instructions on how to do this.
- For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make.
- Making a P2P trade can also be quite time-consuming, which may not be optimal for you if you’re looking for a quick cash-out option.
With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. BitPay supports converting cryptocurrency to cash from any self-custody wallet. Use the BitPay Wallet app to manage and sell your crypto directly, or use the BitPay.com platform to exchange cryptocurrency for cash from nearly any wallet. The BitPay Wallet app allows you to import any self-custody wallet for an easy way to buy/sell/spend/swap your crypto assets.
